On Wednesday, Yellen was asked the same question in a different way later by another lawmaker: Did she anticipate that this would be her last appearance before the House Financial Services Committee? On the Nasdaq, 2,088 issues rose and 565 fell.
The greenback bounced off to 0.7265 against the kiwi, 0.7587 against the aussie and 1.2928 against the loonie, from its early lows of 0.7283, 0.7615 and 1.2872, respectively.
"The key takeaway is how confident Yellen is that rate hikes are needed over the next few years, which means there's a commitment that inflation will need to be combated a bit", said Juan Perez, a currency trader at Tempus Inc.
Looking ahead, USA labor market conditions index for June and United States consumer credit for May are slated for release in the NY session. It swung in a range of $1.1409 to $1.1490.
Yellen also implied the process will be flexible, allowing the Fed to adjust its policies should economic conditions necessitate alternative actions. Based on pricing in federal funds futures contracts, investors appear to expect the balance sheet drawdown will start in September, with the next rate hike pushed back to December.
US stocks and the dollar reversed gains after US President Donald Trump's eldest son released an email chain which mentioned a top Russian government prosecutor offering the Trump campaign damaging information about Democratic rival Hillary Clinton.
Janet Yellen is getting ready to feel the heat, and not just because it's July in Washington.
Looking ahead, at 11:55 am ET, the Bank of Canada Governor Stephen Poloz and Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the monetary policy report in Ottawa, Ontario, Canada.
But interest rates - which increase the cost of borrowing for individuals and businesses - are unlikely to rise to levels that were once common, she said. Last month we saw weekly earnings for April rise 1.7pc excluding bonuses, well below the 2.9pc CPI numbers, which are due out next week.
Higher interest rates in the U.S. could divert fund flows from emerging markets‚ including SA.
In early evening trade the rand was at R13.2366 to the dollar from R13.5588 and the euro was at $1.1413 from $1.1466.
While subsequent wages data pulled sterling from the day's lows, the outlook remained wary.